BSP TO RELEASE FRAMEWORK FOR CONSUMER PROTECTION

In a speech before the Bankers Institute of the Philippines, Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said that the central bank is preparing to release a Consumer Protection Framework (CPF) that is applicable to its covered institutions. “Built upon the pillars of consumer empowerment, market conduct and collective responsibility, the governance standards put into practice by each BSP-covered institution will play a central role within the CPF,” he said. Tetangco considered the introduction of the framework as a milestone for the BSP, noting that consumer protection is now part of the core practices for which the central bank exercises supervision and regulation.
Mayvelin U. Caraballo